The Heath Corporation reported net income for 2015 of $177,500. Heath began the year with 100,000 shares of $5 par value common shares outstanding and 2,500 shares of $100 par value 8% preferred shares outstanding. On October 1, Heath sold 10,000 shares of common stock for $6 per share. Heath paid dividends to the common shareholders in December.
-If each share of preferred stock is convertible into 8 shares of common stock,the diluted earnings per share for 2015 is (rounded)

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The Answer of The Heath Corporation reported net income for 2015 of $177,500. Heath began the year with 100,000 shares of $5 par value common shares outstanding and 2,500 shares of $100 par value 8% preferred shares outstanding. On October 1, Heath sold 10,000 shares of common stock for $6 per share. Heath paid dividends to the common shareholders in December.
-If each share of preferred stock is convertible into 8 shares of common stock,the diluted earnings per share for 2015 is (rounded)

The Heath Corporation Reported Net Income for 2015 of $177,500